Senior Living News Wire

TrinityCare Senior Living, Inc. (OTCBB: TCSR), which develops, manages and owns faith-based senior living facilities, recently announced the execution of a $1.65 million investment agreement by RCHP, LLC, a Texas-based boutique investment firm.  The investment structure will be made on a per-project basis and will range from $225,000 to $300,000 in cash dependent upon the timing and location of new senior living projects. Each investment will be into a special purpose entity and will provide to RCHP, LLC a 10% accrued return on investment, with a target 18% internal rate of return over a three-to-five-year period. The return on investment will be paid in cash or stock at the option of TrinityCare.  The expected dilution to TrinityCare shareholders under this investment agreement is expected to be minimal.

"We are very pleased to have RCHP as an investor in our expansion. Their confidence in our vision and strategy is encouraging at a time when investment dollars are limited," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "This capital infusion, coupled with our senior lending agreements on new construction, will reduce our capital requirements significantly and allow us to achieve our previously outlined growth goals for 2010."

Investors waiting for the “blood-in-the-streets” pricing of the Resolution Trust Corp. days of the early 1990s will be disappointed in the current commercial real estate downturn, says veteran investment banker John B. Levy in his latest podcast.

NY Appeals Court Clears the Way for $4 Billion Atlantic Yards Project

Regional Operators See Opportunity to Boost Market Share In Lean Times

After a Series of High-Profile Business Crashes, What’s Next for Seniors Housing?

Debt-Ridden Sunrise Senior Living Completes Sale of 21 Assisted Living Communities

Enterprise Community Partners, Inc. (Enterprise) and MetLife Foundation today presented Under One Roof, Inc. TM, the developer and general partner of The Marvin, with a 2009 MetLife Foundation Award for Excellence in Affordable Housing. The presentation took place during the annual meeting for the American Association of Homes and Services for the Aging (AAHSA) in Chicago. In all, four winners were recognized by Enterprise and MetLife Foundation, with each property owner or principal receiving a $50,000 unrestricted grant to sustain and expand its work.

The National Association of Home Builders’ (NAHB) 55+ Single-Family Housing Market Index, based on a survey of builders who produce housing designed to meet the needs of mature consumers, released its third quarter data for 2009 that showed an increase of six points to a seasonally-adjusted level of 21.  The figure represent the highest level since the inception of the index.  The component gauging present sales conditions increased four points to 19, while the component gauging sales expectations for the next six months rose nine points to 32 and the component measuring traffic of prospective buyers increased seven points to 19.  The 55+ Market Index for multifamily condos, which is not seasonally adjusted, remained at is previous level of 13 but the future expectations index rose to 21, representing tentative optimism of multi-family and senior housing developers.

“As the home buyer tax credit stimulated sales among first-time buyers and stabilized home prices in many areas, older households were able to sell their existing homes, and pursue a home in a 55-plus community,” said David Crowe, NAHB’s chief economist. “The recent extension and expansion of the tax credit should extend the domino effect from first-time buyers and expand the effect by providing a credit to repeat buyers as well.”

Pro Con Inc. recently announced that construction is nearly complete for the Brightview Concord River Assisted Living Community, a new 67,000 square foot community that will offer assisted living and a dementia care program for those with Alzheimer’s or other forms of memory impairment.  The $11.5 million design build project, located in Billerca, Massachusetts,  is being developed by Shelter Development of Baltimore, MD and will be operated by Brightview Senior Living. Pro Con Inc of Manchester, NH is the architect and construction manager for the Billerica property, which will be the second Brightview-constructed community in Massachusetts.  Brightview Concord River will have 58 assisted living apartments and 26 apartments for Alzheimer’s and dementia care. The apartments, which are all under one roof, will range in size from 300 to 950-sf and offer the residents a variety of floor plans and service options.  The project is expected to be completed in the late 4th quarter of 2009.

Lifespace Communities (formerly Life Care Retirement Communities), headquartered in Des Moines, Iowa, recently announced that it has become the first senior living provider to adopt the Dakim® BrainFitness(TM) System nation-wide for its 4,500 residents in 11 communities across the U.S. The Dakim BrainFitness System, which has already been implemented in three of its continuing care retirement communities, provides opportunities for daily cognitive stimulation for its residents through the use of a touch screen-based system designed to help seniors strengthen their brain health and fight the threat of memory loss and dementia.  The program will be implemented in eight additional communities over the next few months.  Earlier this year, Lifespace Communities began using the BrainFitness Program in three communities including Claridge Court in Prairie Village, KS; Friendship Village in Bloomington, MN; and Beacon Hill in Lombard, IL.

"Dakim BrainFitness is a perfect fit for our communities. Our recent brand change to Lifespace Communities means more choice in wellness programs for our residents. Choosing an engaging brain fitness program to help residents fight the threat of memory loss is yet another compelling advantage our residents have access to in our communities," said Scott Harrison, President/CEO of Lifespace Communities. "Since day one, our residents at Claridge Court have lined up to participate in the BrainFitness Program. The participation and interest among our residents, at all levels of care, has continued to grow. The residents, staff, and therapists have spoken and we’ve listened!" "Brain fitness has become a cornerstone of wellness programming for senior care providers," said Dakim CEO, Dan Michel. "Lifespace Communities’ commitment to offer this program to its residents, in all eleven of their communities, is another indicator of the national focus on senior brain health."

To Buy or Not to Buy — Moody’s Weighs In on Real Estate Outlook

The PACE program has extended to 14 rural areas in the United States. That indicates that the program can be successful in small towns, says Robert Greenwood, vice president of public affairs for the Program of All-inclusive Care for the Elderly (PACE).

There has been a staggering seven-fold increase in the new community-associated strain of methycillin-resistant Staphylococcus aureus (MRSA) in hospital outpatient units over the last decade, according to new research.

The Department of Health and Human Services Tuesday disclosed that it will provide $80 million in grants to help develop and strengthen the health information technology workforce.